TAL Daiichi Life Australia, an Australian subsidiary of Daiichi Life Group, has confirmed that it has submitted a non-binding indicative proposal to the Board of Challenger Ltd regarding a potential acquisition of the remaining 79.5% of ordinary shares it does not already own in the investment management firm.
In a statement TDA says no binding agreement has been reached.
“The proposal is non-binding and any transaction would be subject to, amongst other things, satisfactory exclusive due diligence, negotiation and agreement of final terms, and the receipt of all required regulatory approvals.
“TDA will make further announcements as and when there are material developments to disclose.”
It says the proposal is for A$11.80 per share via a scheme of arrangement.
In April last year TAL announced it was to acquire a 15.1% interest in Challenger Limited.
TAL said at the time, that it recognised the evolving needs of Australia’s ageing population and a shareholding in the investment management firm added to its long-term commitment to the growing retirement sector. (see TAL Invests in Challenger).
